The 100 dong commemorative banknote is "overpriced" in the free market.

Compared to the price set by the State Bank, the 100 dong commemorative banknote is being sold at 3-4 times higher prices on social media and the free market.

Starting on April 12th, the State Bank of Vietnam (SBV) began selling commemorative 100 dong banknotes celebrating the 65th anniversary of the establishment of the Bank of Vietnam. These commemorative banknotes, issued by the SBV, have attracted considerable interest from numerous organizations and individuals.

Commemorative 100 dong banknotes are being offered for sale by many people at prices 3-4 times higher than the regulated price set by the State Bank of Vietnam.

According to the State Bank of Vietnam's regulations, the selling price of commemorative banknotes is 20,000 VND per note for loose notes and 25,000 VND per note for notes in folders. Each individual is only allowed to purchase a maximum of 5 of these special banknotes, so many people are rushing to buy 5 at once to give as gifts to friends or relatives.

However, due to the overwhelming demand, the State Bank of Vietnam (SBV) requires people wishing to purchase the banknotes to register via email. Previously, banks only required customers to bring their ID cards when buying the banknotes. Registering via email takes more time, and the time to receive the money may also be longer. Notably, people in the southern provinces are still unable to purchase these banknotes and must wait for the SBV's southern regional sales launch, scheduled for April 22nd.

Due to high demand for commemorative banknotes, many vendors have appeared on the market offering them at prices two or three times higher than the official price set by the State Bank of Vietnam. According to a seller of commemorative banknotes on social media, the average price ranges from 50,000 to 100,000 VND per note. Compared to the official price set by the State Bank of Vietnam, the price of commemorative banknotes on the market is significantly higher.

On several online shopping websites and social media platforms, many individuals openly offer a service to exchange commemorative 100 dong banknotes at prices ranging from 50,000 dong per loose note and 55,000 dong per note in a folder. Some sites even push the price higher, up to 100,000 dong per note, with a guarantee of unlimited quantities and priority for those who register quickly.

Ms. Linh Trang (Giang Vo, Hanoi) – who bought the 100 dong commemorative banknote via Facebook – shared: “I thought this banknote was quite beautiful and wanted to buy one or two as souvenirs, but seeing people queuing, or even hiring people to wait in line to buy them at the issuing location, made me a little discouraged. Given that effort, I chose to buy it via Facebook, even though the price difference was about 20,000-30,000 dong per note, but since I bought a small quantity, it was acceptable.”

Besides selling commemorative banknotes online, some "black market" groups have also been openly buying and exchanging banknotes for profit right in front of banks, taking advantage of public demand. Due to limited quantities, many "dealers" even hire people to go to banks to buy the money. The price of commemorative banknotes on the "black market" has been inflated many times higher than the official selling price set by the State Bank.

The original selling price for commemorative banknotes was 20,000 VND per loose note, or 25,000 VND per note enclosed in an envelope with bilingual Vietnamese-English annotations, but they were being offered for sale in the bank lobby at 45,000-50,000 VND per loose note, and 55,000 VND for a framed note.

The large profit margin from reselling the banknotes attracted many employees from companies on Tong Dan Street and students to come here to "trade money." A group of young men standing near the bank were also shouting out prices of 50,000 dong per loose note.

According to some long-time coin collectors in Hanoi, most commemorative banknotes are always priced higher than usual by online coin dealers and traders. This is because they are issued on special occasions or are produced in limited quantities after many years of circulation.

Therefore, there are many reasons for small traders to raise the price of banknotes. With the commemorative 100 dong banknote issued by the State Bank of Vietnam, the market price is being pushed up because these banknotes are very "hot" and have just been released. Partly because the banknotes sold at high prices have attractive serial numbers, or simply because some people want to profit from the long queues to buy them, causing prices to increase two to three times.

"However, if people want to own a 100 dong note, they should buy it directly from a point of sale. This way, they won't be overcharged, and the procedure is simpler. Online buying is mainly chosen by customers outside of Hanoi, but sometimes there are unforeseen risks. With higher purchase costs and shipping fees, the amount spent on a 100 dong note can certainly be 2-3 times higher than its actual selling price," said a coin collector.

Due to the high demand for commemorative banknotes, and to increase opportunities for people to purchase them and alleviate concerns that the sale will only be for a short period, the State Bank of Vietnam recently announced that it will extend the sale of commemorative banknotes until the end of the issuance period.

The commemorative banknotes are sold weekly on Thursday and Friday mornings (8:30 AM - 11:00 AM) at two locations in Hanoi: the Issuance and Treasury Department (16 Tong Dan Street) and the State Bank of Vietnam Hanoi Branch (45 Ly Thuong Kiet Street). In Ho Chi Minh City, the commemorative banknotes are sold at the State Bank of Vietnam Ho Chi Minh City Branch and the Issuance and Treasury Department.

According to VOV